In recent evaluations of Bitcoin’s price movements across various time frames, analysts have noted a presence of weakness at current levels. However, there is potential for a reversal should the cryptocurrency test its recently established support level around $60,190 within the week, particularly if the downward trend observed in the daily chart continues.
Technical indicators suggest that the short-term outlook may remain bearish, primarily due to Bitcoin’s trading position below the critical support line of the 200-day moving average (DMA), currently set at $98,679. This bearish sentiment has been exacerbated by a crossover pattern, where the 100 DMA, 50 DMA, 20 DMA, and 9 DMA are all positioned below the 200 DMA. Specifically, Bitcoin is trading beneath the 9 DMA, which now acts as immediate resistance. Nevertheless, there is speculation that the 9 DMA could trend upwards, potentially leading to a ‘bullish crossover’ if Bitcoin manages to sustain its current levels. This shift would coincide with the cryptocurrency being in an extremely oversold state, indicating an imminent technical reversal.
Market dynamics may also be influenced by macroeconomic factors including inflation pressures, expected to decline slightly ahead of the U.S. Federal Reserve’s upcoming meeting on March 17-18, 2026, which is geared toward addressing inflation control measures. Recently, Bitcoin experienced a brief dip following remarks from U.S. President Donald Trump about a temporary increase in global tariff rates to 15%, although the cryptocurrency stabilized later in the session. A marginal rise was noted earlier this past Sunday, following a turbulent trading session the day before.
At present, Bitcoin appears to be lingering near the lower threshold of its recent trading range, which spans $67,779 to $60,200. The current price fluctuations reflect short-term adjustments rather than a definitive shift in trend. Continued hovering at existing levels may likely coincide with investors seeking clearer macro signals to inform their next strategies.
On the weekly chart, Bitcoin is trading beneath another significant support line at $69,143, potentially signaling that a sharp reversal could emerge if it nears the 200 DMA at $58.365. It has been observed that Bitcoin has dipped well below the “Handle” phase after completing a “Cup & Handle” formation on the weekly chart, a pattern previously discussed in detail.
In conclusion, readers and potential investors should exercise caution and conduct their due diligence before making any decisions regarding Bitcoin, as this analysis is based solely on observations and current market conditions.
